Bitcoin rally tops double digit gain in 2020 as crypto cap soars 23% in two weeks

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Bitcoin rally tops double digit gain in 2020 as crypto cap soars 23% in two weeks

In the wake of a reasonably low risk-appetite following a dubitable Sino-US “Phase One” trade deal with no signs of further improvement in tariff talks before November US Presidential election, safe-haven appeals seemed to be resonating louder since the beginning of the year, while crypto markets have already posted double-digit gains over the first two weeks of 2020 as a number of traders were leaning towards cryptos despite a slew of legal backlashes and regulatory setbacks in multiple countries including the municipality of Beijing which had recently banned mining and trading of cryptocurrencies.

Nonetheless, despite a gloomier stance of cryptocurrency market in a longer-term outlook, crypto assets inflated more than 23 per cent on an average over the first two weeks of the new year, while the overall market cap of the cryptos had already reached a lump-sum of $240 billion from a stark total of $192 billion recorded on December 31st, 2019.

Citing statistics, Bitcoin, the original crypto, which composes nearly 66 per cent of entire digital currency market, gained 22.71 per cent to $8,795.72 this year so far, and 84 per cent traders remained net long, triggering possibilities of further upside momentum, while Ethereum, which took the heaviest battering last year since most of the ICOs (Initial Coin Offerings) were executed through Ethereum since 2017, gained 30.51 per cent to $167.59 so far this year.

Aside from that, Ripple gained 20.19 per cent to $0.2315 over the first two weeks this year, while Litecoin scored a monthly gain of 42.05 per cent to $58.82 thus far.